Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0707%/8h= +77.4% APRpaid last 24h +0.090%

Price spread now: GMX against Phemex−0.215%7-day average −0.200% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.125%−$12 · spread now −0.215%, 7d avg −0.200%

Together, before fees−0.331%−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.200%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.207%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.207% in total (about -21.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	95.310	0	get 0.0000% / 4h	2h 08m	$1.2M	$81K	100x
Short	GMX BRENTOIL/USD [ETH-USDC]	95.105	L +0.0184% / S −0.0707%	get 0.0088% / 1h	8m 12s	$33K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee GMXbpOrdersPrice spread, now −0.215%Rate

Funding earned: $148.43
Price spread: −0.215% → −0.200%: −$1.46
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $122.97
Costs to cover: 0.240%
Break-even: 1.2 days

Slippage unknown: Phemex: live order book, 3 min ago; GMX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 3 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BZ on 31 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BRENTOIL_USDC-PERPETUAL	−0.0591%	1h	95.100	−0.220%	$61K	$309K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0340%	1h	95.096	−0.225%	$94K	$248K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.063	−0.259%	$2.3M	$1.9M	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.420	+0.115%	$270K	$647K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0048%	4h	95.155	−0.162%	$14K	$312K	25x	as long as short
Bybit BZUSDT	−0.0028%	8h	95.100	−0.220%	$10.1M	$15.5M	100x	as long as short
Aster BZUSDT	0.0000%	4h	95.089	−0.232%	$328K	$693K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.129	−0.190%	$146.5M	$422.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.110	−0.210%	$16.1M	$25.1M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.060	−0.262%	$9.1M	$12.7M	100x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	95.120	−0.199%	$27.9M	$26.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.184	−0.133%	$9.2M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.080	−0.241%	$4K	$1.8M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.070	−0.252%	$272K	$260K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.310	long leg	$1.2M	$81K	100x
Ondo Perps BRENT-USD.P	+0.0001%	1h	94.990	−0.336%	$3.1M	$1.1M	15x	as long as short
edgeX BZUSDC	+0.0001%	4h	95.143	−0.175%	$219K	$230K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.650	+0.356%	—	—	—	as long as short
Vest BZ-PERP	+0.0019%	1h	98.740	+3.599%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.120	−0.199%	$3.5M	$5.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.177	−0.140%	$657K	$3.3M	10x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	94.836	−0.497%	$8K	$7K	30x	as long as short
Aftermath Perps BRENTUSD	+0.0034%	1h	95.254	−0.059%	$7K	$38K	5x	as long as short
BloFin BZ-USDT	+0.0038%	4h	95.050	−0.273%	$1.6M	$109K	50x	as long as short
Paradex BZ-USD-PERP	+0.0039%	8h	95.047	−0.276%	$1K	$2K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.149	−0.169%	$144.9M	$140.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.081	−0.240%	$1.6M	$392K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.190	−0.126%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.270	−0.042%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0152%	1h	95.240	−0.073%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0184% / S −0.0707%	1h	95.105	−0.215%	$33K	—	111x